Beware buying silver on ebay!

stewart73

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Just thought I'd pass on my bad experiences in dealing with a large volume dealer on Ebay. You can PM for specifics if you are thinking of making any large purchases of silver on the Bay.

I was interested in a $2500 lot of silver coins and mailed the seller for shipping/payment details, telling him I lived in Japan. He quoted $25 to ship. I bought the item and noticed that the shipping calculator on the listing was telling me it was $49 to ship so I asked him for a total. No reply so I simply paid the $2500 plus the $49 and all was good. I received an "item shipped" notice from the seller and waited for my silver.

A full week later I get a notice from the seller saying that the item actually hasn't shipped and now they need a further $46 in order to ship. I said that that didn't seem fair and they immediately tried to force a refund. I declined and opened a case. They issued the refund anyway and immediately re-listed the item for $2650. Ebay says there is nothing they can do because the seller offered a refund. Apparently it's okay to send out false shipping notices, give erroneous shipping quotes, wait to ship while watching silver prices rise, and then offer a refund.

What they are basically doing is selling large lots and then waiting to ship. If the price stays the same or goes down they ship. If it goes up they drag out shipping time, make some ridiculous request for more money and then immediately refund the original price when the seller refuses the refund and re-lists at the higher, current market rate.

Sorry for the rant but hopefully this will help some of you make informed decisions. It also blows me away that they can get away with these kind of tactics while Ebay will simply say 'refund given, case closed' Watch out guys!
 
I don't sell gold or silver anymore on Ebay and did not ship O/S.......too many things vanished.....

Dusty
 
Thanks for the heads-up......at first I thought it was gonna be a really bad story...like you didnt even get your money back....so at least that didnt happen. Live and learn....HH
 
That sucks guy, I hope you gave him a big fat negative.

BTW, CopperMike. there was a short thing on TV today explaining why copper prices are falling.......according to them, it's due to the lack of new home building, which uses a big piece of the copper market....

Dusty
 
Thanks for the heads up. I was thinking of buying some silver there and now I won't because what you said made perfect sense. Of course they drag their feet as the price of silver continues to rise!
 
You said it Digger... I bet the price increase wasn't because it actually cost more to ship... it's because the price of silver has been going up up and away so they were trying to figure that in and get a little more out of you before they actually sent it!! :mad:

Good for you for not going through with it! Leave some negative feedback on their page so they don't continue to rip people off!! :keeporder:
 
,,,just post an ad in the "Silver For Sale" area ( whatever that may be) offering advice for $0.25. In the description say " Seller XXX " delays shipment, raises the price per the market and requests additional funds, and for your 2 bits you will send them his sellers name! :lol: ;) :D :yes: :grin:
 
Never had any problem with APMEX. Just try to avoid paying by credit card, the fees are a little steep.....

Dusty
 
That's too bad. I'm glad you didn't loose a bunch of money though. Some people on there really give Ebay a bad name. It's a shame :mad:
I've bought some Morgans and some Peace dollars on and didn't have any problems but I've seen where there are some counterfeit ones out there that the Chinese make so I don't trust buying silver from there anymore.
I now buy from a reputable coin shop in town.
 
That's too bad. I'm glad you didn't loose a bunch of money though. Some people on there really give Ebay a bad name. It's a shame :mad:
I've bought some Morgans and some Peace dollars on and didn't have any problems but I've seen where there are some counterfeit ones out there that the Chinese make so I don't trust buying silver from there anymore.
I now buy from a reputable coin shop in town.
Some coin shop owners can't even tell fake from real on their own :no:

Some coin dealers unknowingly (or knowingly) carry thousands of dollars worth of fake inventory.
 
Some coin shop owners can't even tell fake from real on their own :no:

Some coin dealers unknowingly (or knowingly) carry thousands of dollars worth of fake inventory.

A big reason I stick with APMEX. They have their own brand of silver bars/rounds and the bars have always come in an air tight sealed soft plastic pouch. They also buy gold and silver as well.

Dusty
 
BTW, CopperMike. there was a short thing on TV today explaining why copper prices are falling.......according to them, it's due to the lack of new home building, which uses a big piece of the copper market....

Dusty

All the new homes around here use Pexx plumbing. Its more expensive, but goes in faster and doesn't burst when it freezes.
 
Copper in Construction

All the new homes around here use Pexx plumbing. Its more expensive, but goes in faster and doesn't burst when it freezes.

Good point, but it's not just the plumbing that uses copper (if that route is taken). The wiring is all copper, particularly the main and appliance wiring. 2/0 copper wire is HEAVY, and it usually takes 3 of them for wiring a 200amp pole to feed an all electric household.

I'd me more interested in nickel anyway. A new method of creating nickel alloys for injection molding has recently been developed. Then there's all this war.
 
We just pretty much stopped selling overseas also. Too many packages "don't show up" or "disappear". Getting to be too much of a hassle...anyway...

My best friend's brother (he's my MD partner when he has time) has a coinshop. he's fair and honest. PM for his contact info if interested.
 
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